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Search Results 0 to 31 of about 32 (some duplicates have been removed)
around the world. president obama and congress return to work today with little progress seen on a deal to avoid the fiscal cliff as the government starts taking steps to buy more time before the u.s. hits the debt ceiling. the yen hits a two-year low against the dollar as the new japanese government battles to weaken currency. exports are rising, pushing the nikkei to its strongest gain in 20 years. .shares of toyota are heading higher after the u.s. settled a class action lawsuit. the $1 billion payment is already priced in. okay. welcome to "worldwide exchange." plenty of news to watch out of washington. all of this week, we thought it would be a quiet one. but i won't be inside the beltway if they want to get something done. the u.s. will hit the $16.4 trillion debt ceiling come monday. in a letter to congressional leaders, geithner says treasury will begin taking steps to save the government about $2 billion. geithner says it's harder to predict a time frame because the ongone fiscal cliff talks make it difficult to forecast next year's budget. among the measures treasury will take
one is avoiding the fiscal cliff. >> unless the president obama and congress can reach a deal by the new year, tax increases and spending cuts will take deep effect. >> president obama's re-election was one of the biggest political stories of the year. >> with the first of our year enders, here's abc's karen travers. >> reporter: president obama had to overcome a well funded opponent, struggling economy and voter doubts that he had the right agenda to turn the nation around. and after a roller coaster season, he got them. mitt romney may have started off at the front runner, but to win the republican nomination, he had to fend off some feisty challengers. >> he's the worst republican in the country to put up against president obama. >> reporter: and overcome some self-inflicted wounds. after 50 primary contests, romney clenched the nomination and it was on to the general election. >> it will be a choice between -- >> two very different paths. >> reporter: their battle focused on the economy. >> we can't afford another four years like the last four years. >> we need more tax cu
. roping off the fiscal cliff. president obama and congress return, but they will need support from house republicans to pass the deal. is congress any closer to a compromise? >> a small village in the dominican republic has a new school thanks in part to local administrator. i have details, next. >> of baltimore school administrator is making a difference around the globe. >> this is great. she volunteered for a week in dominican republic and helped build a new school their. >> claire donehower is the assistant principal at the kennedy krieger school in baltimore. she took on another role as a volunteer in a mission to the dominican republic. >> i think it was a unique chance to take my love of working with kids and bring it into a completely different area. >> she was one of 40 volunteers chosen to complete the elementary school in a small village. they did everything from building walls with cinderblocks to painting to stuccoing. but her favorite part was interacting with the community. >> it was such a powerful experience and different than i expected. i wanted to save everyone from t
. president obama and congress are are home -- are home now for christmas. automatic tax hikes and spending cuts will kick in january 1st. democrats and republicans insist they are still committed to reaching a deal with the house speaker vowing to return to washington the day after christmas. >>> more than 1,000 people attend the memorial service for the late hawaii senator daniel enoway. he was the first japanese american elected to congress. he spent 50 years in washington serving the people of hawaii. he died last week. he was 8 8. >>> this morning an investigation is underway after a baltimore county police officer opens fire, killing a man who they say was pointing a knife at him. mike schuh is live with more on what happened. good morning, mike. >> reporter: good morning. county police say that their officer stopped a man behind this gas station and what happened next is up for investigation. >> the officer on routine patrol passes this shell station around 3:45 in the morning. behind the building a suspicious man. police say when the officer asked the man to come out he pulled a kni
. perhaps proof of how dire the circumstances are, president obama took to the sunday show, potentially setting when we careen off the cliff, and in congress. less than 48 hours from falling off the cliff, president obama is putting the blame on republicans. >> the offers i have made them are so fair that a lot of democrats get mad at me. >> on his first sunday show appearance since 2009, the president said just a day ago that he was optimistic that a short-term deal could be reached. now, not so much. >> what we're seeing here is a monumental failure of presidential leadership. >> the better back-and-forth continues to be over how to cut spending and what the income threshold to be for who gets a tax hike. >> what i am arguing for is maintaining tax cuts for 90% of americans. i did not think anybody would consider that and liberal, left- wing agenda. >> republicans say their agenda, not stifling an already fragile economy with tax hikes on those who are behind small business. >> the higher you set that level, the less small business you will get. >> what had been high hopes had turned
number one is avoiding the fiscal cliff. >> unless the president obama and congress can reach a deal by the new year, tax increases and spending cuts will automatically take effect. >> and the clock is ticking. >>> of course, when we look back at this year, president obama's re-election was one of the biggest political stories of the year. all others, you could say, they pealed in comparison. >> with the first of our year-enders, here's abc's karen travers. >> reporter: to win a second term, president obama had to overcome a well funded opponent, a struggling economy, and voters' doubts that he had the right agenda to turn the nation around. [ chanting ] >> all: four more years! >> reporter: and after a roller coaster season, he got them. mitt romney may have started off at the frontrunner, but to win the republican nomination, he had to fend off some feisty challengers. >> he's the worst republican in the country to put up against barack obama. >> the odds are very high i'm going to be the nominee. >> reporter: and overcome some self-inflicted wounds. >> i like being able to fire pe
. >> there still seems to be no signs of a compromise acting congress and president obama. >> president obama return to washington to get the credit shortage of medication. is a video the president leaving. >> house and senate members are expected to reconvene today as well. >> without a budget agreement, automatic tax increase is for everyone in the spending cuts will be triggered in the new year. >> the main dispute continues to be over taxes. >>, of the kron 4 morning news changes are coming to a netflix starting next year. how the company wants to get users more connected socially and next. >> the web more attractive weather and headlines when we come back >> wexcome backed. >> time is 4:10. >> net flicks is adding more social features to it streaming media service in the u.s.. >> the company confirms that the congress passed a bill that drops restrictions on sharing user's video rental history. these revisions now with president obama signature before becoming law. >> lifting the restrictions allowing net flicks his additional there was also to media outlets by facebook and twitter. >> t
to another recession if president obama and congress fail to find a way to avoid the fiscal cliff of tax increases and spending cuts that will take effect january 1. the president is returning to washington this morning, cutting short his holiday vacation. however, with only five days before the fiscal cliff deadline, no new negotiations have been scheduled. and adding to the pressure, treasury secretary tim geithner says the country is on track to hit its borrowing limit on monday. >>> and former president george h.w. bush has been moved to the intensive care unit at a hospital in houston. he's in guarded condition because of a stubborn fever. mr. bush who is 88, has been hospitalized for more than a month now, trying to recover from bronchitis. >>> you think you pay a lot to park. not compared to folks in chicago. it's going to soon cost $6.50 per hour. that's like 10 cents a minute at a meter downtown. after the rate goes up 75 cents in the new year. >> in quarters? >> yes, quarters, you can also use a credit card. >> who carries $6.50 in quarters? >> you can use a credit card, you gu
to be no signs of compromise between congress president obama is cutting his holiday vacation in hawaii short. and will return to washington tomorrow. house and senate members are expected to reconvene tomorrow as well. without a budget agreement, automatic tax increases for everyone and deep spending cuts will be triggered in the new year. the main dispute continues to be over taxes. >> in national news. dallas cowboys nose tackle josh brent has been formally indicted on a charge of intoxication manslaughter. for the crash that killed a teammate. brent was arrested earlier this month after police say he flipped his car while speeding though a neighborhood in suburban dallas. brent survived the crash. but his friend and teammate. practice squad member jerry brown. died at a hospital. intoxication manslaughter carries a maximum sentence of 20 years in prison. no court dates have been set. >> right now parts of the country are dealing with the aftermath of a severe storm system that is being blamed for at least six deaths. and tonight. we have dramatic new video of a major tornado that ripped t
obama and congress, along with cappuccinos and lattes. wolf blitzer's off today. i'm joe johns. you're in "the situation room." >>> on this day after christmas, extreme weather is making travel slow, difficult, and dangerous for millions of americans. severe storms are moving toward the east coast right now, packing snow and threatening tornadoes. the kind of blizzard conditions that hit the midwest are moving into new england. the region could get more than a foot of snow tonight and tomorrow. in the south, a storm that unleashed tornadoes is heading into the carolinas and northern florida. at least three deaths are being blamed on the severe weather. cnn's holly firfer is at the busiest airport in atlanta. >> reporter: it's a tough day to travel. as that storm heads through the northeast, it's making it hard to travel by road and in the air. >> reporter: snow, ice, and high winds. >> we want to get out. >> it's always scary when you're flying, that you're going to be stuck in the airport. >> reporter: a massive storm that left many in the midwest and parts of the south with a whit
of washington a resolution to the fiscal cliff was unlikely. but president obama returned early from vacation and is said to have a new proposal to offer congress, sparking a rally that left the dow down just 19 points. reports are swirling apple is moving production of its mac mini computers to foxconn plants in the u.s. apple may also be working on a smart watch. and, the new york stock exchange landed the most ipo for 2012. larry levin of trading advantage joins us now. larry, it feels like we are already hanging off that cliff. > > it definitely feels that way. everybody is obviously watching for some kind of news out of washington. that is what has moved the market every day for the past couple of weeks. it will be no different today. so i absolutely agree with you. > should investors be concerned about the move in the volatility index yesterday? > > it was interesting to see that, and it is really something that at least active investors watch on a regular basis, so any time the vix moves, i think it is something to watch. > what do you anticipate for the friday trade? > > i certainly t
working on a fall back plan that can pass both chambers of congress. >> some people will not like it, but that's where we are. >> reporter: president obama is pushing for a stop gap measure that would at least avoid tax increases on people earning less than $250,000. frustration is growing. a simple stop gap percent is not what men -- measure is not what many in washington hoped for. many blame president obama for the collapse of a bigger deal that would reduce spending and cut the country's debt. >> it is the president's responsibility to lay out a plan and to bring people together. >> house members don't get back here tonight sunday night. >>> president david wilson may be getting a remove of sorts after a lengthy public meeting months announced it is negotiating to keep him on until june 2014. his current contract expires in june of 2013. it was a rough year with two shootings on campus. >>> the russian president signed a law banning americans from adopting russian children. a law that people say is heartbreaking and punishes no one but the children. one family says he just signed
up with president obama calls the bare minimum addressing tax cuts without doing anything to curb spending. >> we will get at best a patch and be here again in two months. congress cannot get out of its own way. >> average family would pay an extra $3,400 next year. >> the law says that every american's tax rates are going up. every american's paycheck will its mother. if that the impasse has shaken wall street, -- the impasse has shaken wall street. >> i think the likelihood is we go over the fiscal cliff. >> jim moran is wondering if partisan politics has destroyed the chance for any agreement. >> i don't think we will be up to reach a deal, no matter how small it might be. >> the american people are watching what we do. obviously, their patience is already thin. >> if senate leaders reached a deal, rank-and-file senators could vote by sunday, house member sunday night. right now there is not enough time left, they really need a deal tomorrow to beat the monday midnight deadline. richard reeve, abc 7 news. >> in addition to working on a deal on the fiscal cliff president obama h
policy sales because of uncertainty over the fiscal cliff. president obama has cut short his vacation to help reduce the national debt. budget cuts and tax rises will start on january 1. the white house has called on republicans not to block a resolution in congress. severe weather has caused hundreds of holiday flight delays with its sweeping storm system moving east after tornadoes struck for states on christmas day. at least six people have died. >> dallas, texas, where snow is a rarity came as a christmas surprise. it turned white and the motorists struggled with slippery roads. 21 cars and fractured trailers, and eastern ohio, kentucky, and indiana. along with wind gusts of 50 kilometers an hour. the unusual winter phenomenon hit for seven states, 34 tornadoes. this one touchdown in mobile, alabama. it overturned cars and blew out windows. >> it is like this crazy wind, just the whole building is shaking. >> a caused no fatalities, but a thunderstorm fell this tree, killing a driver of this truck. and if no border was buried by an avalanche. the storm system shifts to the eastern
it will quick end in just five days if congress does not act. there is no sign of compromise between democrats and republicans. president obama has cut his vacation short and is returning to the white house now. without a budget agreement automatic tax increases for everyone and deep spending cuts will be triggered and the new year. the main dispute continues to be over taxes. americans filing unemployment last week as dropped to 350,000. futures are up right now. a letter from treasury secretary tam geithner to congress sent after the bell yesterday may also weigh on the markets. >> the woman accused of killing a grandmother and a drunk driving accident at the twin peaks without has made her first court appearance. 23 year old gina eunice is accused of a hit and run drunken-driving in vehicular manslaughter. the accident occurred three people and killed 56 year old yuee byao who was here visiting her new grandchild from china. the judge set the bail at $2 million. if she posted she must wear a scram device that checks to make sure she is not drink alcohol and is not allowed to drive. she will
, obviously because it's looming. because it effects just about every american in our country. president obama cutting short his christmas vacation today to continue trying to hash out a deal with congress. they have until next week to get it done before people will start to feel the pain in their paychecks. that's all of us. molly henneberg with the news now live from washington. molly? >> harris, as you were saying taxes are going up for almost everyone immediately if we go over the fiscal cliff. it likely will take a toll on already stretched family bench. take a look at the numbers from the tax policy center. for those whose taxes do go up this is the average tax hit family also take on top of what they already pay in taxes. below 10,000 they will pay an average of about $300 more. look down the chart a bit. those who make between 40 and 50,000 they will have to pay an extra $1,700 more. looking at the next set of numbers for wage earners, 50 to 75,000. they will have to find an extra $2,300 to send to washington. and if you managed to make over $200,000, if you go over that income mark, i
of it, having president obama back in washington today, and having congress still out, is not the right message to end. people right now feel that the republicans are the party of no, that they are the ones causing this, they are going to get blamed. the fact of the matter is, is that they are doing the fiscal responsible thing here and that's where they can hang their hat. is that they have to hold on for deficit spending, and they still have the debt ceiling to hold in their back pocket if they need to. >> so what would, if you had been advising boehner, what would you advise him to say yes to? >> well, you know, he has to push the president to get more spending cuts. >> well, he tried that. he tried that. the president's in the cat bird seat, though. the president can say no and the republicans still get blamed. >> and then he came up with this plan "b" is really where things went off the rail. because it just looked like a mess publicly. >> all right. keith, what -- i mean, i know that it's not your party, but what would you advise the republicans to do, if anything in the next two
.b.r."! president obama says he's "modestly optimistic" a fiscal deal can be reached in time. he said he's instructed senator harry reid and senator mitch mcconnell to come up with a plan that can pass in congress. his brief comments a short while ago came after a white house meeting today with congressional leaders that ended with no deal. ahead of that, investors lost hope lawmakers can come together in the time remaining. in the last few minutes of trading, stocks sold off. the dow tumbled 158 points, the nasdaq lost 25, and the s&p fell over 15 points. here's darren gersh with more on the critical work that has to get done in washington this weekend. >> port: thpresident declared himself modestly optimistic congress could still reach an agreement to head off huge tax hikes on january first, but he also warned lawmakers to get their work done. >> the american people are not going to have patience with a self-inflicted wound on the economy. >> reporter: senate republican leader mitch mcconnell called the white house meeting a good one and he told his fellow republicans he hoped to have
in congress. 37% blame -- would blame president obama and 11% blame both. so there's a political reality to the fact that the gop is stuck between a rock and a hard place. they'll get blamed if it happens and they'll get blamed if they vote for anything that looks like a tax increase. >> listen, the republican party gets blamed if it's sunny outside. so i'm not really worried about that and neither should people be. but you bring up the point, this should not be above who suffers in the polls. this should be about fixing the united states of america and, you know what, people need to be willing to take a vote even if it means they don't come back. >> yeah, well that's the problem, right? you and i talked about this before. we're in constant campaign mode. a compromise would require that both parties, all parties involved actually pay some price, that it costs somebody something. what is the specific problem, though, on the republican side in terms of the lack of compromise? again, i want to show you the same poll that we did on december 17th and 18th asking about whether the republican p
earlier this month. just released gallup poll, most admired woman. president obama is the most admired man. >>> congress will spend part of the new year in session, trying to come up with a deal that will prevent the nation from going over the fiscal cliff. >>> the american academy of pediatrics has released a new statement encouraging elementary schools to let kids have their play time. recess gives children the opportunity to develop skills that can't be taught in the classroom, that it should not serve as a substitute for phys. ed. class. fond farewell 75 watt incandescent light bulb. under law, they can no longer be produced or imported as of january 1st though retailers can clear their remaining stocks. government will turn out the lights on traditional 60 and 40-watt bulbs in 2014. >>> it's what everyone is talking about, i think. reality tv star kim kardashian and rapper kanye west are expecting their first child. west made the announcement last night at a concert in atlantic city. west is 35. kardashian is 32, she is in the process of divorcing kris humphries, whom she married in 2
obama cutting short his hawaiian vacation and will be in washington tomorrow. dennis: congress also set to return to d c tomorrow perhaps mounted what everyone hopes will be a last-ditch offered to stave off the fiscal cliff. peter barnes joins us from the belt way. peter: here's what the official spokespeople for all the leaders are saying about this this morning. from the white house, quote, we will let you know if we had any updates. from senate democratic leader harry reid, quote, nothing to report. no conversations with republicans yet. said republican leader mitch mcconnell, quote, no our reach for many democrats. we talk to the speaker's office all the time and always do but the house passed legislation and we are waiting on senate democrats. house speaker john boehner, quote, nothing new and from democratic leader of the house nancy pelosi, her spokesperson saying, quote, i don't know anything right now. as of now the cliff remains clearly in sight. if nothing is done on january 1st, the nation faces a $5 trillion tax increase over ten years through the expiration of a george bu
. he is now telling congress that the u.s. government will reach its borrowing limit by next monday, the 31st. remember how much fun the last debt ceiling fight was? well, that news comes as president obama rushes home to washington, cutting short his hawaiian vacation in order to resume talks on the fiscal cliff. there are just five days remaining to strike a deal. we'll get to all that in a moment, but first, we begin with a massive winter storm that made holiday travel miserable for millions of americans, including me! winter storm euclid -- what, are we naming snowstorms now? euclid. you can lid? well, euclid blanketed much of the eastern half of the country yesterday, dropping blizzard-like conditions and record snowfall in the midwest, and by late afternoon, euclid moved northeast, bringing traffic to a standstill, forcing the cancellation of more than 1,500 flights on one of the busiest travel days of the year. the weather channel's mike seidel has more on the massive christmas storm. >> reporter: a major snowstorm has dumped over a foot of snow across parts of the midwest. i
:06. president obama flew back to washington from hawaii overnight to work on the plan to avoid the "fiscal cliff." cbs reporter tara mergener says congress remains gridlocked and fewer americans expect any progress before the new year. >>> reporter: senators and staffers will be filling these empty hallways today trying to work out a deal to avoid the "fiscal cliff." higher taxes will give the average american about $1,500 less to spend next year. and economists believe the $110 billion spending cuts will result in more layoffs. senator harry reid has a plan to keep taxes low for everyone making less than $250,000 a year as well as short term spending cuts until a bigger dooley can be reached. >> it is going to be a patch because in four days we can't solve everything. >> reporter: while senators try to brave the bad weather that has hit many parts of the country, in order to make it back here to washington, house leaders say they will not leave home unless the senate passes its bill first. >> good morning? >> reporter: house republicans scuttled the proposal from speaker john boehner last week
of schatz is flying to washington with president obama he is expected to be sworn in later. those are the headlines for you. >> clayton: we'll talk the scal cliff. today is the twenth. a few days left for congress and the president to get their act together. the president took a red eye flight back from hawaii. why did congress and the president go on raication at all. >> yeah, we all go to work. >> there is nothing on the table . kelley. >> a lot of people feel they are left in the lurch by the president and congress. and they didn't get the job done . here's what we are facing. we are teetering on the edge of the fiscal cliff. there are many members in congress who disaagree raising of tax. the president had gone up to $400,000 when house speaker boehner would raise the tax hikes . but the sticking point is enments and spending. >> clayton: the republicans saying that the president and democrats not forth coming enough on entitlements. here's what will unfold in a few short days as we break this down to you. >> put your seat belts on, people. >> clayton: tax rates will hit these
in making a deal to avert across the board tax hikes for 90% of american households. president obama on his way back to washington right now but not all the lawmakers are there and if congress and the president do not reach a compromise before january 1st many analysts say the economy will slide back into a recession. gregg: mike emanuel is live on capitol hill. mike, any indication of the president's next move? >> reporter: well, gregg, last time we heard the president talk about the this matter he said he was calling on congressional leaders to essentially make sure taxes do not go up on middle class americans. presumably that would be a package that continues the bush tax cuts for those making up to $250,000. he would also like to continue emergency unemployment benefits for two million americans. and beyond that, details are kind of murky at this point. so we await the president to get back to washington. we know that the senate will be back in session today. we know there have been some conversations back and forth but at this point no indication that steps have moved forward closer to
not have another election. >> a republican in his early years he now leads left and is a big obama supporter. >> i thought it was funny i got the presidential medal of freedom. that is my dad's campaign picture when he was 39 years old running for congress in 1932. this is his desk and i sat on it when i was a kid, 10 years old. >> this is my favorite thing in your office. >> there's a lot of things that go and there but the real problem is a lot of people don't realize it. >> then there are the fun things like the model of grover given to him by students from caltech. also the mock spot sports illustrated cover. >> i have never been anything more than a water boy. >> no e-mail may perhaps be the secret to buffett's success. >> no e-mail for the richest man in the world. here's a look from our mt. tam cam and it should be a pretty nice day. lots of sunshine looking down the coast right now. enjoy it because more rain is on the way. we will have more on the forecast coming up. also you can bring in the new year right here on kron4. the only local show with live fire worked around th
on the new income in congress. it's interesting that we have the same with k. bailey hutchinson. what's gotten her is fleethat t will go home and obama will introduce his own package and they have nothing to do but accept it. or they get blamed for everything. >> can you recall a time in your life and your politics, a couple of years at least, a comparable level of incompetence in washington. >> the last four years. i spent some of the time over the holidays for my since reading about this. my overall reaction is groundhog day. it's the same issues. some of the same players and the same questions of spending and entitlements and taxation and debt ceiling. nothing has changed. what's depressing to me is we had four years or longer to wrestle with these issues and there is virtually no signs of progress. we have two more self-imposed ceilings. a u.s. government that sticks a gun to its head, but says we don't trust ourselves any more like normal people. even presidential commissions don't work. what we have to do is give ourselves artificial deadlines and bring ourselves to the precipic
is trying to cram through a scaled back version of the obama cliff plan from almost week. the house is still out. after the gop went into recess last week after the gop didn't have enough support to pass its own plan "b." congress has very little time, though, five days to be exact to come up with some kind of a deal to avoid the fiscal cliff. it may already be too late with the way things work on capitol hill. let's bring in jonathan allen, the senior washington kpon for politico. jonathan, let's get to that. i think if everything lines up they could possibly get a deal signed from the fiscal cliff but when does that ever happen? >> yes, i think the problem, drew, there isn't that much time when congress has a consensus they can move quickly but there's no indication of that right now. all of the players seem locked into their strategies. for folks familiar with economic theory, this is a nash equilibrium. they believe given what the other folks are doing their pursuing their optimal path and that path seems to be leading us toward that fiscal cliff. i think most folks in washington expect
Search Results 0 to 31 of about 32 (some duplicates have been removed)